Can AUDUSD Recover?
The Aussie Dollar declined and followed a bearish path below 0.8000 against the US Dollar. The AUDUSD pair recently traded as low as 0.7890 and currently correcting higher.
There is a crucial bearish trend line with resistance at 0.7935 forming on the hourly chart. The 50% Fib retracement level of the last decline from the 0.7979 high to 0.7890 low is also above the trend line resistance and the 100 simple moving average.
So, a break above the 0.7940 level won’t be easy for AUDUSD. On the downside, there is a connecting bullish trend line at 0.7910 as support. One can attempt a trade with a break of the bearish trend line on the upside or below 0.7910 for more declines.
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